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Top 10 Best Life Insurance Companies in the United States (2020 Edition)

Best Life Insurance Companies in 2020.

Here at InsuranceBrokersUSA, we’re often asked…

“What’s the best life insurance company out there?”

And while we would love to be able to give someone a definitive answer to this question, the truth is, determining which life insurance company is going to be the “best” for you is really going to depend on a variety of factors.

Factors such as:

  • What you’re looking to achieve by purchasing your life insurance policy?
  • How much life insurance are you looking for?
  • And are you willing to take a medical exam?

From there…

Depending on how you answered the previous questions, we may need to learn a little bit more about you so that we can have a better understanding of “how” a life insurance company is likely to view your application.

More info, such as:

  • Have you ever been diagnosed with any previous medical conditions?
  • Are you currently taking any prescription medications?
  • In the past 12 months, have you used any tobacco or nicotine products?
  • In the past 12 months, have you used any marijuana products for medical or recreational purposes?
  • Do any of your immediate family members have a history of heart disease, diabetes or cancer?
  • Do you have any “issues” with your driving record?
  • Have you ever been convicted of a felony or a misdemeanor?

We ask these types of questions…

Because we know that these are the types of things that a life insurance company is going to use when determining who the will and won’t insure and at what price.

And here is where our Top 10 Best Life Insurance Companies article is going to differ from a lot of other Best Life Insurance Companies articles you may see online, because in addition to only choosing companies with a strong financial background, and a good customer service reputation, we’re also going to expand on our discussion to include how one company’s underwriting practices may differ from another.

Which…

At the end of the day, is likely to be the determinant by which a particular life insurance company is going to be the “best” for you!

Now…

We should point out that there are many factors that can come into play when determining why one life insurance company may be better for a particular individual than another, which is why we’re going to try and limit our discussion to just a few of the major “factors” that we commonly encounter here at IBUSA and encourage anyone with some other “type” of issue not listed in this article below to give us a call directly.

Factors that will be reviewed in this article will include:

Best Life Insurance Companies for Young and Healthy Individuals.

Typically, the most difficult part of helping someone who is young and healthy qualify for a life insurance policy is to simply have them sit down and complete their application!

After all, when we’re young, it’s sometimes difficult to “feel” the urgency to get insured, and is easily something that can be put off until next week.

This is why…

Here at IBUSA, once we’ve determined that an individual truly is healthy, in addition to looking at some of the most competitively priced insurance companies, we also like to take a look at some of the most competitively priced No Medical Exam Life Insurance Policy options that may be available as well.

This way…

Even if someone is super busy and isn’t all that excited about purchase a life insurance policy, they still may decide to do so, once they realize that it can be done entirely over the phone absent the need to take a medical exam.

For this reason, we’ll usually recommend one of the following insurance companies for those who are young and healthy, because even if they don’t offer a no medical exam option, they’ll usually have somewhat of a streamlined application process making getting insured much easier than some other carriers which tend to be a bit more thorough.

Now some may say that it’s super easy to be able to qualify for life insurance when you’re young and healthy, and to be completely honest with you, they’re right!

But…

What a lot of folks aren’t actually aware of is that the “process” of applying for coverage, and the price that you may be expected to pay once you’re approved, can actually vary quite a bit.

This is why we wanted to list the following companies below, so even if you are young and healthy, and aren’t finding it difficult to qualify for coverage, you’ll at least consider your options for a moment before applying, because who knows, that two minutes you spend considering which company might be best for you could save you a ton of time and energy later on down the line!

Banner Life is owned by Legal and General. This company has an A+ rating and is usually very affordable.

Banner Life is on our top ten life insurance companies list because:

  • Renewable and convertible policies up until age 90 or 95, depending on the policy
  • Great prices including some of the most competitive table rates
  • Accelerated death benefit rider for free
  • Especially great at underwriting policies for people with Type 1 diabetes or Type 2 diabetes

Check out our Banner Life review for more.


 

Another stellar company, not just in our eyes, but also according to A.M. Best’s stringent rating system. A.M. Best rated Protective Life an A+.

Protective Life is repeatedly one of the most affordable term life insurance policy options for a lot of people.

Protective Life may be your best bet too if you are looking for solid financials with some of the best rates in the marketplace for fully underwritten policies.

And if the company’s awesome pricing was not already too good to be true, you can always add the income provider rider to get even lower rates.

Income Provider Rider: This is one of the most important riders Protective Life offers – something that truly sets them apart. If you are okay with your beneficiaries getting the death benefit in installments rather than a lump sum, then you can get an even lower premium.

The good news is the payments to your beneficiary are spread out over time, so that younger beneficiaries hopefully won’t burn through the money all at once.

Check out our Protective Life review for more.


 

A.M. Best Rating: A-

Sagicor offers Accelewriting for term, universal and whole life insurance.

Sage Term

  • Simplified issue term life insurance
  • $25,000 to $500,000
  • 10, 15 and 20 year terms
  • Ages 18-65
  • Accelerated Benefit Insurance Rider
  • Conversion Option

Sage Universal Life

  • Simplified issue universal life insurance
  • $25,000 to $400,000
  • Ages 16-65
  • Accelerated Benefit Insurance Rider
  • Built in Lapse Protection

Sage Whole Life

  • Simplified issue whole life insurance
  • Ages 16-65
  • Accelerated Benefit Insurance Rider
  • $25,000 – $250,000
  • Guaranteed Level Premiums

For more, please visit our review of Sagicor Life Insurance.


Top 5 Best Life Insurance Companies for those with Pre-existing medical conditions.

Now it’s one thing to be able to find an affordable life insurance policy when you’re young and healthy, but what happens if you’re not so young, or if you’ve been diagnosed with some type of pre-existing medical condition?

This is when…

Things can get a bit “tricky” and when knowing where to turn could mean all the difference in the world.

Also, this is why we wanted to make our readers aware of the following 5 best life insurance companies that may be more “lenient” when it comes to underwriting certain pre-existing medical conditions, while also stressing the fact that are an enormous amount of health issues that can impact one’s life insurance application, which means that on any given day, there are probably another 20 or so companies we could add to this list that should rightfully be mentioned as one of the Best Life Insurance Companies for those with a Pre-existing medical condition.

Which is also why,…

If after reading this article you decide to give us a call, don’t be surprised if one of our agents happens to recommend a different company than we’ve listed below because there’s a very good chance that’s truly your best option.

Without question, AIG Life is one of the first companies we’re going to turn to when trying to help someone that is both young and healthy, find and qualify for a quality term or whole life insurance policy at a great price.

The main reasons we like AIG for pre-existing conditions is because:

With AIG, you can buy a policy for 15-30 years. Want a policy for 16 years? No problem! 22 years? Yep, they can do that. This is great for people who have very specific needs and desire to tailor their policy accordingly.

Plus, they’re usually right in the mix when it comes to offering the lowest life insurance rates as well!

For more, please check out our review of AIG life insurance.


 

Banner Life is owned by Legal and General. This company has an A+ rating and is usually very affordable.

Banner Life is a top company for applicants with pre-existing conditions because:

  • Great prices including some of the most competitive table rates
  • Especially great at underwriting policies for people with Type 1 diabetes or Type 2 diabetes

Check out our Banner Life review for more.


 

Mutual of Omaha is great at helping clients who might not have the best chance at a good rate at another company.

They use their Fit Underwriting Credit Program to give people a better health class rating. Mutual of Omaha has 14 lifestyle and health credits that can make it easier to get a good rate.

Mutual of Omaha has a range of policies including:

  • Simplified Issue
  • Term Life
  • Universal Life
  • Whole Life

This is a great life insurance company and many people choose them each year. Learn why by reading this review of Mutual of Omaha.


Another stellar company not just in our eyes, but also according to A.M. Best’s stringent rating system. A.M. Best rated Protective Life an A+.

Protective Life is repeatedly one of the most affordable term life insurance policy options for a lot of people. Protective Life may be your best bet too if you are looking for a solid financial insurance carrier with some of the best rates in the marketplace for fully underwritten policies. And if the company’s awesome pricing was not already too good to be true, you can always add the income provider rider to get even lower rates.

Income Provider Rider: This is one of the most important riders Protective Life offers – something that truly sets them apart. If you are okay with your beneficiaries getting the death benefit in installments rather than a lump sum, then you can get an even lower premium. The good news is the payments to your beneficiary are spread out over time, so that younger beneficiaries hopefully won’t burn through the money all at once.

Check out our Protective Life review for more.


 

Prudential is another company with an A+ rating from A.M. Best which speaks to the company’s ability to meet ongoing financial obligations.

Prudential is also known as Pruco or The Rock. Even if you’ve never used any services offered by Prudential Financial, you probably know someone who has.

Prudential life insurance is great for specific niches in the world of life insurance.

Prudential may be the best choice for you if you:

  • Travel to exotic locales,
  • Use tobacco,
  • Survived cancer,
  • Have some DUIs, or
  • Have diabetes

Check out our Prudential Life Insurance review for more.


Top 3 Best Life Insurance Companies for those with Diabetes

Given the fact that Diabetes (Type 1 or 2) can potentially cause someone to suffer from some pretty significant complications when not properly managed, it’s no wonder why some many life insurance companies will be nervous about approving someone for coverage with it.

Particularly if you have just recently been diagnosed.

Which is probably why…

We here at IBUSA frequently receive calls from folks who have either, just recently been denied coverage due to their diabetes, or have been quoted a price that just seem unreasonable for the amount of insurance being sought.

For this reason…

We choose to list just a couple of companies that we commonly like to recommend to anyone currently considering applying for a traditional life insurance policy after having been diagnose with Diabetes and encourage you to give us a call so that we can help you narrow down your options.

Without question, AIG Life is one of the first companies we’re going to turn to when trying to help someone that is both young and healthy find and qualify for a quality term or whole life insurance policy at a great price.  The main reasons for this is because:

With AIG, you can buy a policy for 15-30 years. Want a policy for 16 years? No problem! 22 years? Yep, they can do that. This is great for people who have very specific needs and desire to tailor their policy accordingly.

Plus, they’re usually right in the mix when it comes to offering the lowest priced option as well!

For more, please check out our review of AIG life insurance.


 

Banner Life is owned by Legal and General. This company has an A+ rating and is usually very affordable.

Banner Life is on our top ten life insurance companies list because:
  • Renewable and convertible policies up until age 90 or 95, depending on the policy
  • Great prices including some of the most competitive table rates
  • Accelerated death benefit rider for free
  • Especially great at underwriting policies for people with Type 1 diabetes or Type 2 diabetes

Check out our Banner Life review for more.

 


Another stellar company not just in our eyes, but also according to A.M. Best’s stringent rating system. A.M. Best rated Protective Life an A+.

Protective Life is repeatedly one of the most affordable term life insurance policy options for a lot of people. Protective Life may be your best bet too if you are looking for a solid financial insurance carrier with some of the best rates in the marketplace for fully underwritten policies. And if the company’s awesome pricing was not already too good to be true, you can always add the income provider rider to get even lower rates.

Income Provider Rider: This is one of the most important riders Protective Life offers – something that truly sets them apart. If you are okay with your beneficiaries getting the death benefit in installments rather than a lump sum, then you can get an even lower premium. The good news is the payments to your beneficiary are spread out over time, so that younger beneficiaries hopefully won’t burn through the money all at once.

Check out our Protective Life review for more.

Top 3 Best  Life Insurance Companies for current Tobacco users

Now given the fact that tobacco users are generally forced to pay up to 3 to 4 times more than their “non-tobacco” counterparts, it makes sense why anyone who uses any kind of tobacco or nicotine product at all should spend some time researching which life insurance company is most likely to provide them the best life insurance rates as a tobacco user.

But…

We should also let you in on a little-known secret, which is that not all life insurance companies are going to consider all “types” of tobacco and/or nicotine users the same.

Which means that in some cases where someone might be considered a “tobacco user” by one company, many not be considered one by another.

Which means…

That if they were to apply for coverage with the “right” company they could literally save themselves $1000’s over the life of their policy.

This is why, anytime we’re approached by a tobacco user, we’re always going to ask, what “kind” of tobacco do you use (cigarettes, cigars, chewing tobacco, etc.) and how frequently do you use it.

Now…

Are you going to find a life insurance company that isn’t going to consider a cigarette smoker a “non-smoker”?

No, you’re not, but you might find one that won’t consider someone who uses smokes an occasional cigar once in a while or someone that likes to use chewing tobacco a non-smoker.

And for those…

Who can’t get around being labeled a “tobacco user” you might also be able to find a company that may charge significantly less than another, which is why we usually recommend any tobacco user first see what one of the following companies might be able to do for you before actually applying for coverage.

Prudential is another company with an A+ rating from A.M. Best which speaks to the company’s ability to meet ongoing financial obligations.

Prudential is also known as Pruco or The Rock. This is another household name; even if you’ve never used any services offered by Prudential Financial, you probably know someone who has. Prudential life insurance is great for specific niches in the world of life insurance.

Prudential may be the best choice for you if you:
  • Travel to exotic locales,
  • Use tobacco,
  • Survived cancer,
  • Have some DUIs, or
  • Have diabetes

Top 2 Best Life Insurance Companies for Marijuana Users.

As the negative “stigma” around marijuana use continues to subside, and as more and more states across the nation begin “loosening” up the laws regarding its use, more and more life insurance companies have started to become much more “lenient” in their underwriting practices as it pertains to it use.

This is why…

Many folks who would have previous been denied traditional life insurance coverage due to their marijuana use are now finding it quite possible to become fully insured even when their marijuana usage is detected during a life insurance application.

In fact…

It’s probably safe to say that there are at least a dozen highly rated life insurance companies that will be willing to insure someone despite the fact that they may regularly use marijuana on a daily or weekly basis.  But, we here at IBUSA aren’t interested in companies that are just willing to “tolerate” one’s use, we’re looking for companies who are a bit more “forward thinking” with regards to marijuana use and tend to be more “lenient” than all the rest.

Which is why…

Once we learn that an individual does use marijuana on a regular basis for recreational or medical reasons, we’ll usually immediately turn our attention to one of the following carries to see which might provide you with the best life insurance policy as a marijuana user.

Prudential is another company with an A+ rating from A.M. Best which speaks to the company’s ability to meet ongoing financial obligations.

Prudential is also known as Pruco or The Rock. This is another household name; even if you’ve never used any services offered by Prudential Financial, you probably know someone who has. Prudential life insurance is great for specific niches in the world of life insurance.

Prudential may be the best choice for you if you:
  • Travel to exotic locales,
  • Use tobacco,
  • Survived cancer,
  • Have some DUIs, or
  • Have diabetes

Check out our Prudential Life Insurance review for more.


 

Top 5 Best No Medical Exam Life Insurance Companies

Here at IBUSA, we realize that there are a variety of different reasons why someone might not want to take a medical exam in order to be approved for coverage.

It could be because:

  • They don’t have any life insurance in place now and aren’t interested in waiting a couple of weeks, to a couple of months, to get some.
  • Their schedule won’t allow them to know where they’ll be at any given point in time to schedule a medical exam (think long distance truck driver).
  • They’re in good health, but haven’t had a “full” physical in years and don’t want to uncover any unwanted surprises during their application.
  • They hate needles and would prefer not to have to take a medical exam.

Or maybe after reviewing their options a No medical Exam Life Insurance Policy is actually the best option for them.

Either way…

We here at IBUSA always like to present out clients with a No Medical Exam life insurance option whenever possible so that a client will know it’s an option and can ultimately decide for themselves if it’s one that they’re interested in pursuing.

And more often than not, when we are presenting this option to one of our clients, it’s usually one of the following companies.

American National

A.M. Best Rating: A

American National is a top company for no medical exam life insurance coverage.

They have multiple policy options including:

  • ANICO Signature Term
  • ANICO Executive Universal Life
  • Signature Indexed Universal Life
  • Affinity 7 NQ Whole Life

Each policy is different, but you can find:

  • Eligibility: up to 80 years old
  • Simplified Issue Coverage: Up to $250,000
  • Approval: Less than 72 hours

For more, please visit our review of American National.


 

assurity life insurance company logo

The best thing about Assurity Life insurance company is that it’s for the people by the people. Which means they aren’t just trying to ramp up the numbers for the shareholders.

Instead, they are trying to do a good job for all of the company’s policyholders.

This is probably why…

They consistently come in as one of the lowest priced carriers out there specifically focus on trying to make it easier for someone to both apply and qualify for coverage fast.

Assurity has three great term and permanent policies worth mentioning and are typically the ones we like to recommend to our clients:

LifeScape NonMed term 350
  • Medical Exam: No
  • Ages Available: 18-65 years
  • Face Amounts: $50,000-$350,000
  • Term Length: 10, 15, 20, and 30 years
LifeScape Term 350Plus
  • Guaranteed: Yes
  • Ages Available: 18-74 years
  • Face Amounts: $350,000 and up.66-74 years older: $100,000 and up
LifeScape Whole Life Insurance
  • Cash Value: Yes
  • Ages Available: 0-85 years
  • Face Amounts: $10,000 and up

Please read our Assurity life insurance review for more.

 


Fidelity Life

A.M. Best Rating: B++

Rapid Decision Express:

  • Term Length: 10, 15, 20, and 30 years
  • Ages 18-65, renewable to age 95
  • Non Medical Underwriting: No urine sample, No blood draw, No attending physicians statement
  • Approval time in days, not months

For more, please visit our review of Fidelity Life.


Phoenix Life

A.M. Best Rating: B

Safe Harbor Term Life Express

  • Ages 18-80
  • $25,000 Simplified Issue Life Insurance up to $400,000
  • 10, 15, 20 and 30 year terms available
  • Accelerated Benefit Riders (where available):
    • Critical Illness
    • Chronic Illness
    • Terminal Illness
    • Unemployment waiver of premium rider
  • Conversion Option

For more, please visit our review of Phoenix Life.


Sagicor Life

A.M. Best Rating: A-

Sagicor offers Accelewriting for term, universal and whole life insurance.

Sage Term

  • Simplified issue term life insurance
  • $25,000 to $500,000
  • 10, 15 and 20 year terms
  • Ages 18-65
  • Accelerated Benefit Insurance Rider
  • Conversion Option

Sage Universal Life

  • Simplified issue universal life insurance
  • $25,000 to $400,000
  • Ages 16-65
  • Accelerated Benefit Insurance Rider
  • Built in Lapse Protection

Sage Whole Life

  • Simplified issue whole life insurance
  • Ages 16-65
  • Accelerated Benefit Insurance Rider
  • $25,000 – $250,000
  • Guaranteed Level Premiums

For more, please visit our review of Sagicor Life Insurance.


 

Top 5 Best Final Expense Life Insurance Policies.

Now it’s safe to say that not all of our clients re looking to purchase a million-dollar life insurance policy.  Some folks just want to make sure that when they die, their loved one’s won’t be burdened with the financial obligations that comes with providing one with a dignified burial.

This is why…

For those who are just looking to purchase a small, affordable life insurance policy, we like to have a dozen or two different companies that we can turn to just to make sure that our clients don’t find themselves either, having to purchase too much insurance, or spend too much money to meet their basic needs.

And in most situations…

What we find ourselves doing is usually recommending one of the following companies we’ve listed below depending on what the current health status of the client is, as well as what state he or she permanently resides in.

 

Mutual of Omaha is great at helping clients who might not have the best chance at a good rate at another company. They use their Fit Underwriting Credit Program to give people a better health class rating. Mutual of Omaha has 14 lifestyle and health credits that can make it easier to get a good rate.

Mutual of Omaha has a range of policies including:

  • Simplified Issue
  • Term Life
  • Universal Life
  • Whole Life

This is a great life insurance company and many people choose them each year. Learn why by reading this review of Mutual of Omaha.


And there you have it…

IBUSA current “Top 10 Best Life Insurance Companies” broken down into different categories, so that you can get a better idea of how we like to help our clients find the best life insurance company for them, as well as give you an idea how “the best” can vary depending on what it is you’re hoping to accomplish.

Which is why…

We would encourage anyone reading this article to use this information to get a general idea about what insurance company they might like to apply with, and then give us a call so that we can use your goals to help increase your chances of not only finding the “best” life insurance policy for you, but also QUALIFY for that policy!

So, what are you waiting for, give us a call today and let us show you what we can do for you!

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